Daily BriefsTechnical Analysis

Daily Brief Technical Analysis: Upgrading Staples and more

In today’s briefing:

  • Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow


Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow

By Joe Jasper

  • Our long-term outlook remains neutral on the S&P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023.
  • Since late-July discussed expectations for a 1-to 4-month pullback/consolidation on SPX and QQQ; now it’s likely to last closer to four months, and potentially 4- to 6-months from 7/17/24.
  • At that point the market will decide which way this consolidation resolves. Throughout this pullback we have said that this consolidation could end up being a significant topping pattern.

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